Champion Snaps Up 2 in Glendale
- Feb 02, 2018
Champion Real Estate Co. has acquired two multifamily buildings in Glendale, Calif. for $33.6 million. The deal was an off-market acquisition negotiated simultaneously for the two buildings, which total 104 market-rate apartment units.
The properties are located less than two miles apart in Glendale, one of the larger suburbs of Los Angeles, in the San Fernando Valley. One community is the 42-unit Princess Louise, located at 720 N. Louise St., which was built in 1970. The other is Windsor Real, located at 1377 E. Windsor Road.
The acquisitions count as value-add, with Champion planning various upgrades to each of the properties. The LA-based company previously completed similar value-add investment acquisitions, such as Villa Olive in Burbank, Casa Laguna in Los Angeles, Ancelle in Koreatown, and Union Bay Apartments in Seattle.
Market Offers Value-Add Opportunities
“The Glendale apartment market is largely bifurcated, with the vast majority of units either being new construction or dated and untouched 1960s and ’70s product,” said Champion Executive Vice President, Parker Champion. “With a comprehensive improvement plan, Louise and Windsor will provide an upgraded living experience at a steep discount to new construction.”
The properties include a large percentage of multi-bedroom units with an average size of 951 square feet. “Providing larger-sized homes in an updated apartment community while maintaining affordability will offer the Glendale community with more options,” said Parker.
Image courtesy of Yardi Matrix